REGISTERED COMPANY NUMBER: 04627894 (England and Wales) REGISTERED CHARITY NUMBER: 1097445
REPORT OF THE TRUSTEES AND UNAUDITED FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2022
FOR THE FERNHURST CENTRE LIMITED
.
Traviss & Co Ltd Chartered Certified Accountants Newtown House 38 Newtown Road Liphook Hampshire GU30 7DX
THE FERNHURST CENTRE LIMITED
CONTENTS OF THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2022
| Page | |||
|---|---|---|---|
| Report oftheTrustees | 1 | to | 3 |
| Independent Examiner'sReport | 4 | ||
| Statement ofFinancial Activities | 5 | ||
| Balance Sheet | 6 | to | 7 |
| NotestotheFinancialStatements | 8 | to | 14 |
THE FERNHURST CENTRE LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 March 2022
The trustees who are also directors of the charity for the purposes of the Companies Act 2006, present their report with the financial statements of the charity for the year ended 31 March 2022. The trustees have adopted the provisions of Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019).
OBJECTIVES AND ACTIVITIES
The principal activity of the company is to operate the Fernhurst Centre at 2 Crossfield, Fernhurst. The Centre provides computers and IT, a Café and education facilities as well as operating courses for the benefit of the local community.
The charitable objects are to promote the benefit of the inhabitants of the Parish of Fernhurst, West Sussex and the neighbourhood without distinction of sex, sexual orientation, race, or of political, religious or other opinions, by associating together the said inhabitants and the local authorities, voluntary and other organisations ina common effort to advance education and to provide facilities in the interests of social welfare for recreation and leisure-time occupation with the object of improving the conditions of life for the said inhabitants. In addition they are to establish, or secure the establishment of a centre and to maintain and manage the same (whether alone or in co-operation with any local authority or any other person or body) in furtherance of these objects and to promote such other charitable purposes as may from time to time be determined.
ACHIEVEMENT AND PERFORMANCE
Certain pandemic related restrictions were in place until late June, meaning the Centre re-opened to the public in stages from late April, and for some considerable time visitors were cautious about using public spaces for socialising or attending courses and events in person. The generous support from Chichester District Council helped the Centre through these difficult times. The grant received from CDC during the year amounted to £8,000 (2021:£20,431). Tenants moved into the flat above the Centre, empty during earlier lockdowns, in November, re-instating an important income stream. The Centre's part time (20 hours per week) paid Manager started work in April and working with the volunteer team, her contribution has made a significant difference to the extent of retail income and activities, in particular engaging with parents and their children. The Centre was rebranded to the public as the Fernhurst Hub, while maintaining its formal company name and constitution. A new website launched in September brought new courses and initiatives to a wider public.
- Income Net income for the year was £11,324 (2021: £13,741). Total income was 79,978 (2021: £48,281) which included grants from CDC of £8,000 and Trusthouse of £4,500. Income from charitable activities fully recovered and exceeded previous years.
2, Expenditure: Total expenditure amounted to £68,654 (2021: £34,540).
3.Capital Expenditure No major capital expenditure was incurred during the year.
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THE FERNHURST CENTRE LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 March 2022
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FINANCIAL REVIEW
Reserves policy
The Trustees consider that the Fernhurst Centre Limited ("FCL") should seek to maintain within its financial resources, as detailed within its annual report and financial statements, sufficient reserves to meet:
1, the estimated cost of FCL’s obligation under the lease held with Chichester District Council (CDC) to re-instate the property (Centre shop, maisonette above and garage) upon expiry of the lease, to the condition it was in upon commencement of the lease. This includes the complete demolition of the rear training room and the removal of all fixtures and fittings and signage,
- 75% of FCL's operating costs for the previous financial year.
The Trustees' policy is influenced by the following factors:
(a) In building up reserves, FCL is heavily dependent on the rental subsidy granted by CDC. Originally the subsidy was granted for 100% of market rent, reducing over time from 90% in 2012 to 70% from 2014 onwards. In January 2021 the rental subsidy of 70% was extended by CDC until the Rent Review Date which is 2nd January 2024
(b) The Trustees acknowledge that the FCL has limited scope for increasing its income from operational activities, bearing in mind its open access, low charges policy. The operating expenditure is kept low by the significant contribution from the volunteer workforce, but in line with national trends the recruitment of new, younger volunteers to replace older volunteers is becoming increasingly difficult. As a result, more services are now being brought in on a paid basis albeit sometimes at a below market fee,
(c) Voluntary donations supplemented by Gift Aid are an important part of FCL's income stream but in a difficult economic climate a reduction in such donations is highly likely. At present, donations remain strong, due in part to one-off legacy receipts but this may not always be the case.
STRUCTURE, GOVERNANCE AND MANAGEMENT
The Fernhurst Centre is a charitable company limited by guarantee, incorporated on 3 January 2003 (registration no. 04627894) and registered as a charity on 9 May 2003 (registration no. 1097445). The company's Memorandum of Association as amended 3 May 2008 upon change of name established the objects and powers of the charitable company, which is governed under its Articles of Association. The directors of the company are also trustees for the purposes of charity law.
The liability of each member in the event of a winding up as stated in the Memorandum of Association is £1.
REFERENCE AND ADMINISTRATIVE DETAILS Registered Company number 04627894 (England and Wales)
Registered Charity number , 1097445
Registered office 2 Crossfield Fernhurst Haslemere Surrey GU27 3JL
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THE FERNHURST CENTRE LIMITED
REPORT OF THE TRUSTEES FOR THE YEAR ENDED 31 March 2022
Trustees CLR Boobyer A Plant I Sanderson CI Vargas Pardo (resigned 28.2.22) J A Short S R Gibbon (appointed 29.4.21) Ms K Aycinena (appointed 28.2,22)
Company Secretary
I Sanderson
Independent Examiner M J Traviss FCA Chartered Accountant Traviss & Co Ltd Chartered Certified Accountants Newtown House 38 Newtown Road Liphook Hampshire GU30 7DX
Approved by order of the board of trustees on Ho. september 2022 and signed on its behalf by:
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INDEPENDENT EXAMINER'S REPORT TO THE TRUSTEES OF THE FERNHURST CENTRE LIMITED
Independent examiner's report to the trustees of The Fernhurst Centre Limited (‘the Company') I report to the charity trustees on my examination of the accounts of the Company for the year ended 31 March 2022.
Responsibilities and basis of report
As the charity's trustees of the Company (and also its directors for the purposes of company law) you are responsible for the preparation of the accounts in accordance with the requirements of the Companies Act 2006 (‘the 2006 Act’).
Having satisfied myself that the accounts of the Company are not required to be audited under Part 16 of the 2006 Act and are eligible for independent examination, I report in respect of my examination of your charity's accounts as carried out under section 145 of the Charities Act 2011 (‘the 2011 Act’). In carrying out my examination I have followed the Directions given by the Charity Commission under section 145(5) (b) of the 2011 Act.
Independent examiner's statement
I have completed my examination. I confirm that no matters have come to my attention in connection with the examination giving me cause to believe:
-
accounting records were not kept in respect of the Company as required by section 386 of the 2006 Act; or 2. the accounts do not accord with those records; or
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the accounts do not comply with the accounting requirements of section 396 of the 2006 Act other than any requirement that the accounts give a true and fair view which is not a matter considered as part of an independent examination; or
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the accounts have not been prepared in accordance with the methods and principles of the Statement of Recommended Practice for accounting and reporting by charities (applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102)).
T have no concerns and have come across no other matters in connection with the examination to which attention should be drawn in this report in order to enable a proper understanding of the accounts to be reached.
uvll
M J Traviss FCA
Chartered Accountant Traviss & Co Ltd Chartered Certified Accountants Newtown House
38 Newtown Road
Liphook Hampshire GU30 7DX
27 October 2022
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THE FERNHURST CENTRE LIMITED
STATEMENT OF FINANCIAL ACTIVITIES FOR THE YEAR ENDED 31 March 2022
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||||||
|---|---|---|---|---|
|2022|2021|
|Unrestricted|Total|
|funds|funds|
|Notes|£|£|
|INCOME AND ENDOWMENTS FROM|
|Donations|and|legacies|16,339|25,831|
|Charitable|activities|
|Operation of|community|centre|51,036|13,916|
|Investment income|2|839|714|
|Other income|4|11,764|7,820|
|Total|79,978|48,281|
|EXPENDITURE|ON|
|Charitable|activities|5|
|Operation of|community|centre|67,143|34,153|
|Other|1,511|387|
|Total|68,654|34,540|
|NET INCOME|11,324|13,741|
|RECONCILIATION|OF FUNDS|
|Total funds|brought forward|94,796|81,055|
|TOTAL FUNDS CARRIED FORWARD|106,120|94,796|
----- End of picture text -----
The notes form part of these financial statements
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THE FERNHURST CENTRE LIMITED
BALANCE SHEET
31 March 2022
----- Start of picture text -----
||||||
|---|---|---|---|---|
|2022|2021|
|Unrestricted|Total|
|funds|funds|
|Notes|£|£|
|FIXED|ASSETS|
|Tangible|assets|10|12,061|16,969|
|CURRENT ASSETS|
|Stocks|11|1,304|370|
|Debtors|12|2,763|1,761|
|Investments|13|45,566|24,973|
|Cash|at bank and|in hand|49,005|54,782|
|98,638|$1,886|
|CREDITORS|
|Amounts|falling due within one year|14|(4,579)|(4,059)|
|NET CURRENT ASSETS|94,059|77,827|
|TOTAL ASSETS|LESS|CURRENT|
|LIABILITIES|106,120|94,796|
|NET ASSETS|106,120|94,796|
|FUNDS|16|
|Unrestricted|funds|106,120|94,796|
|TOTAL FUNDS|106,120|94,796|
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The charitable company is entitled to exemption from audit under Section 477 of the Companies Act 2006 for the year ended 31 March 2022.
The members have not required the company to obtain an audit of its financial statements for the year ended 31 March 2022 in accordance with Section 476 of the Companies Act 2006.
The trustees acknowledge their responsibilities for
-
(a) ensuring that the charitable company keeps accounting records that comply with Sections 386 and 387 of the Companies Act 2006 and
-
(b) _preparing financial statements which give a true and fair view of the state of affairs of the charitable company as at the end of each financial year and of its surplus or deficit for each financial year in accordance with the requirements of Sections 394 and 395 and which otherwise comply with the requirements of the Companies Act 2006 relating to financial statements, so far as applicable to the charitable company.
The notes form part of these financial statements
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continued...
THE FERNHURST CENTRE LIMITED
BALANCE SHEET- continued 31 March 2022
These financial statements have been prepared in accordance with the provisions applicable to charitable companies subject to the small companies regime.
The financial statements were approved by the Board of Trustees and authorised for issue on Ao. September 2022 and were signed on its behalf by: ,
A Plant - Trustee
TSanderson- Trustee
The notes form part of these financial statements
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THE FERNHURST CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 March 2022
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1. ACCOUNTING POLICIES Basis of preparing the financial statements
The financial statements of the charitable company, which is a public benefit entity under FRS 102, have been prepared in accordance with the Charities SORP (FRS 102) ‘Accounting and Reporting by Charities: Statement of Recommended Practice applicable to charities preparing their accounts in accordance with the Financial Reporting Standard applicable in the UK and Republic of Ireland (FRS 102) (effective 1 January 2019), Financial Reporting Standard 102 'The Financial Reporting Standard applicable in the UK and Republic of Ireland’ and the Companies Act 2006. The financial statements have been prepared under the historical cost convention.
Income All income is recognised in the Statement of Financial Activities once the charity has entitlement to the funds, it is probable that the income will be received and the amount can be measured reliably.
Expenditure Liabilities are recognised as expenditure as soon as there is a legal or constructive obligation committing the charity to that expenditure, it is probable that a transfer of economic benefits will be required in settlement and the amount of the obligation can be measured reliably, Expenditure is accounted for on an accruals basis and has been classified under headings that aggregate all cost related to the category. Where costs cannot be directly attributed to particular headings they have been allocated to activities on a basis consistent with the use of resources.
Governance costs Governance costs comprise all costs involved in public accountability of the charity and its compliance with regulations and good practice.
Tangible fixed assets Depreciation is provided at the following annual rates in order to write off each asset over its estimated useful life.
Leasehold - 10% on cost Maisonette - 20% on cost Equipment - 20% on cost Furniture - 20% on cost Maisonette Equipment - 20% on cost Computer equipment - 33% on cost :
Stocks Stock represents items held for resale at the lower of cost or net realisable value. Taxation The charity is exempt from corporation tax on its charitable activities.
Fund accounting Unrestricted funds can be used in accordance with the charitable objectives at the discretion of the trustees.
Restricted funds can only be used for particular restricted purposes within the objects of the charity. Restrictions arise when specified by the donor or when funds are raised for particular restricted purposes.
Further explanation of the nature and purpose of each fund is included in the notes to the financial statements.
Cash at bank and in hand Cash at bank and in hand in the balance sheet comprise cash at bank, cash in hand and short term deposits with an original maturity date of three months or less.
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THE FERNHURST CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 March 2022
| 2. | INVESTMENTINCOME | ||||
|---|---|---|---|---|---|
| 2022 | 2021 | ||||
| £ | £ | ||||
| Deposit account interest | 839 | 714 | |||
| 3. | INCOMEFROMCHARITABLE ACTIVITIES | ||||
| 2022 | 2021 | ||||
| Goods forresale | Activity Operation ofcommunitycentre |
£ 9,365 |
£ 3,783 |
||
| Other sales (website printing) Events Computerand café takings |
Operation ofcommunity centre Operationofcommunitycentre Operationofcommunitycentre |
927 1,539 12,832 |
431 - 1,477 |
||
| Course fees and adult | |||||
| education Hire charges and otherbilling |
Operationofcommunitycentre Operation ofcommunitycentre |
25,669 704 |
7,858 367 |
||
| 51,036 | 13,916 | ||||
| 4, | OTHERINCOME | ||||
| 2022 | 2021 | ||||
| £ | £ | ||||
| Rentalincome | 11,764 | 7,820 | |||
| 5. | CHARITABLEACTIVITIESCOSTS | ||||
| Direct | |||||
| Costs (see | Support | ||||
| note 6) | costs | Totals | |||
| £ | £ | £ | |||
| Operation ofcommunitycentre | 66,559 | 584 | 67,143 | ||
| 6. | DIRECTCOSTSOFCHARITABLEACTIVITIES | ||||
| 2022 | 2021 | ||||
| £ | £ | ||||
| Staffcosts Rentand rates Insurance Utilities andcleaning Management costs Card charges, Zettle andXero |
10,721 4,186 1,127 2,855 2,438 517 |
- 4,021 1,251 2,276 2,526 294 |
|||
| Advertisingandmarketing Sundries Costofgoods for resale Tuition fees andothercourseexpenses Café consumables Computer costs Propertymaintenance Social events |
2,634 813 5,785 16,129 4,970 2,990 5,072 588 |
1,556 1,265 2,031 7,120 715 489 3,839 - |
|||
| Carriedforward | 60,825 | 27,383 |
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THE FERNHURST CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 March 2022
6.
DIRECT COSTS OF CHARITABLE ACTIVITIES - continued
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|||||||
|---|---|---|---|---|---|
|2022|2021|
|£|£|
|Brought|forward|60,825|27,383|
|Depreciation|5,448|6,100|
|Loss|on|sale|of assets|286|130|
|66,559|33,613|
----- End of picture text -----
- NET INCOME/(EXPENDITURE)
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||||||
|---|---|---|---|---|
|Net|income/(expenditure)|is|stated|after charging/(crediting):|
|2022|2021|
|£|£|
|Depreciation|- owned|assets|5,448|6,100|
|Deficit on disposal|of fixed|assets|286|130|
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- TRUSTEES' REMUNERATION AND BENEFITS
There were no trustees’ remuneration or other benefits for the year ended 31 March 2022 nor for the year ended 31 March 2021.
Trustees’ expenses
There were no trustees' expenses paid for the year ended 31 March 2022 nor for the year ended 31 March 2021.
9, STAFF COSTS
The average monthly number of employees during the year was as follows:
Administration 20221 2021-
No employees received emoluments in excess of £60,000.
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THE FERNHURST CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS - continued FOR THE YEAR ENDED 31 March 2022
| 10. | TANGIBLE FIXED ASSETS | ||||
|---|---|---|---|---|---|
| Leasehold | Maisonette | Equipment | |||
| £ | £ | £ | |||
| COST | |||||
| At | April 2021 | 54,445 | 13,527 | ||
| Additions Disposals |
- - |
- - |
613 (628) |
||
| At31 March2022 | 54,445 | 13,527 | 8,266 | ||
| DEPRECIATION | |||||
| At 1 April 2021 | 45,144 | 12,694 | 5,746 | ||
| Charge for year | 1,506 | 829 | 974 | ||
| Eliminated on disposal | - | - | (342) | ||
| At 31 March 2022 | 46,650 | 13,523 | 6,378 | ||
| NETBOOKVALUE | |||||
| At 31 March2022 | 7,795 | 4 | 1,888 | ||
| At 31 March 2021 | 9,301 | 833 | 2,535 | ||
| Furniture | Maisonette Equipment |
Computer equipment |
Totals | ||
| £ | £ | £ | £ | ||
| COST | |||||
| At 1 April2021 Additions |
§,317 93 |
6,054 - |
5,437 120 |
93,061 826 |
|
| Disposals | (270) | - | (624) | (1,522) | |
| At31 March2022 | 5,140 | 6,054 | 4,933 | 92,365 | |
| DEPRECIATION | |||||
| At I April2021 | 3,508 | 4,731 | 4,269 | 76,092 | |
| Charge foryear | 730 | 1,019 | 390 | 5,448 | |
| Eliminatedon disposal | (270) | ~ | (624) | (1,236) | |
| At31 March2022 | 3,968 | 5,750 | 4,035 | 80,304 | |
| NETBOOKVALUE | |||||
| At31 March2022 | 1,172 | 304 | 898 | 12,061 | |
| At31March2021 | 1,809 | 1,323 | 1,168 | 16,969 |
Fixed Asset costs at | April 2021 are net of grants which have been shown against the cost of assets in previous years. Leasehold cost is net of £30,322, furniture cost is net of £1,000 and equipment cost is net of £4,675.
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THE FERNHURST CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 March 2022
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----- Start of picture text -----
|||||
|---|---|---|---|
|11.|STOCKS|
|2022|2021|
|£|£|
|Stock held|for resale|1,304|370|
|12.|DEBTORS: AMOUNTS FALLING DUE WITHIN ONE YEAR|
|2022|2021|
|£|£|
|Trade|debtors|34|-|
|Other debtors|1,605|1,605|
|Prepayments|1,124|156|
|2,763|1,761|
|13.|CURRENT ASSET INVESTMENTS|
|2022|2021|
|£|£|
|Bonds|45,566|24,973|
|14.|CREDITORS: AMOUNTS FALLING DUE WITHIN ONE YEAR|
|2022|2021|
|£|£|
|Trade|creditors|714|542|
|Accrued expenses|3,865|3,517|
|4,579|4,059|
|15.|LEASING AGREEMENTS|
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Minimum lease payments under non-cancellable operating leases fall due as follows:
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|||||
|---|---|---|---|
|2022|2021|
|£|£|
|Within one year|3,834|3,834|
|Between one and|five years|2,876|6,710|
|6,710|10,544|
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THE FERNHURST CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 March 2022
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|||||||||||
|---|---|---|---|---|---|---|---|---|---|
|16.|MOVEMENT IN FUNDS|
|Net|
|movement|At|
|At|1.4.21|in|funds|31.3.22|
|£|£|£|
|Unrestricted|funds|
|General|fund|74,796|11,324|86,120|
|IT and|other equipment|reserve|fund|5,000|-|5,000|
|Contingency fund|15,000|-|15,000|
|94,796|11,324|106,120|
|TOTAL FUNDS|94,796|11,324|106,120|
|Net movement|in|funds,|included|in|the|above|are|as|follows:|
|Incoming|Resources|Movement|
|resources|expended|in|funds|
|£|£|£|
|Unrestricted|funds|
|General|fund|79,978|(68,654)|11,324|
|TOTAL FUNDS|79,978|(68,654)|11,324|
|Comparatives|for|movement|in|funds|
|Net|
|movement|At|
|At|1.4.20|in|funds|31.3.21|
|Unrestricted|funds|£|£|£|
|General fund|61,055|13,741|74,796|
|IT and other equipment reserve|fund|5,000|-|5,000|
|Contingency fund|15,000|-|15,000|
|81,055|13,741|94,796|
|TOTAL FUNDS|81,055|13,741|94,796|
|Comparative|net movement|in|funds,|included|in the|above|are|as|follows:|
|Incoming|Resources|Movement|
|resources|expended|in|funds|
|Unrestricted|funds|£|£|£|
|General|fund|48,281|(34,540)|13,741|
|TOTAL FUNDS|48,281|(34,540)|13,741|
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THE FERNHURST CENTRE LIMITED
NOTES TO THE FINANCIAL STATEMENTS- continued FOR THE YEAR ENDED 31 March 2022
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16. MOVEMENT IN FUNDS - continued
A current year 12 months and prior year 12 months combined position is as follows:
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||||||
|---|---|---|---|---|
|Net|
|movement|At|
|At|1.4.20|in|funds|31.3.22|
|Unrestricted|funds|£|£|£|
|General|fund|61,055|25,065|86,120|
|IT and other equipment reserve|fund|5,000|-|5,000|
|Contingency fund|15,000|-|15,000|
|81,055|25,065|106,120|
|TOTAL FUNDS FUNDS|81,055|25,065|106,120|
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TOTAL FUNDS FUNDS
A current year 12 months and prior year 12 months combined net movement in funds, included in the above are as follows:
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||||||
|---|---|---|---|---|
|Incoming|Resources|Movement|
|resources|expended|in|funds|
|Unrestricted|funds|£|£|£|
|General fund|128,259|(103,194)|25,065|
|TOTAL FUNDS|128,259|(103,194)|25,065|
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The General fund comprises specific amounts set aside by way of a minimum reserve for operating expenses and a Premises reinstatement reserve (for potential future obligations under a property lease), established in accordance with the company's reserves policy.
Designated funds comprise amounts set aside for replacement of IT and other equipment and for general contingency purposes.
17, RELATED PARTY DISCLOSURES
Ms K Aycinena was appointed a trustee and director of the Charity on 28 February 2022. Prior to this date Ms K Aycinena provided website services to the Charity totalling £2,300. Since appointment £450 was invoiced covering the quarter to 31 March 2022.
These services are unconnected to the duties as a trustee and director.
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